By Abel Garza
Starting a barbershop can set you back quite a bit of money, but if you plan right you may be able to start with minimal capital. The idea of starting with minimal capital will require extensive planning, knowing your target market and how much money you will need to bring in to break even. For many barbershop startups, you can easily start with 100 to 200 thousand dollars, but David started by saving money for his vision with only $8,000. He has grown his business and now has five other barbers working at his shop.
Have a Plan
Start with a plan. David is an avid reader of the bible, and he mentions that planning is essential in mapping out your specific goals. Know how much money you are investing in and how much money you are going to need to sustain your business. This can give you a good indication of your target market.
Target Market Analysis
Understanding who your customer is can make or break your business. Research demographics, population, and look at prolific barbershops and how they are making money. You could for example search for adult males in the area. Culture and ethnicity could play a role in how you market your business.
Remember that there is always going to be regulation and licenses that are required prior to opening up your store. Your permits may require you to have local and state requirements. Many states require a license and local governments may have city ordinances that need to be followed.
There are three main areas of focus for South Town Barbers.
- Location and cleanliness
- Customer Service
- An Amazing Haircut